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How Family Offices Could Shape Philanthropy
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How Family Offices Could Shape Philanthropy

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Singapore has a long history of family philanthropy. The first family foundations were established after World War II and they donated generously to alleviate poverty, care for the vulnerable and build schools and hospitals. Today, there are over 400 foundations and trusts registered with the Commissioner of Charities but families that institutionalized big-ticket giving early on – such as the Lee Foundation and the Lien Foundation – continue to dominate philanthropic giving in Singapore.

Family offices are entities which typically manage assets for or on behalf of a family. And Singapore – well-regulated, transparent and politically stable – is rapidly becoming the region’s preferred choice for family offices. In 2020 alone, approximately 200 single family offices were set up here, doubling the total count. As wealth grows, charitable giving is likely to keep climbing.

These high-net-worth families have the potential to shake up philanthropy in Singapore. Traditionally, the Asian family office was an extension of the family business, with a laser-sharp focus on the bottomline. “However, as founders age and younger successors take over, we expect to see greater value placed on sustainable and responsible investing as well as on strategic philanthropy,” says our CEO Catherine Loh.

Research firm Wealth-X estimates that $1.9 trillion worth of wealth in Asia will be passed on to the next generation in the coming decade. For many heirs, giving back is emerging as an integral part of doing business. For them, philanthropic activities are an optimal way to build and sustain a family’s legacy, strengthen family cohesion and better engage family members. 

But here’s where it gets interesting. “Family offices have the power to shake up traditional philanthropy as they tend to be more agile and responsive compared to large foundations or corporate foundations, which are answerable to multiple stakeholders and layers of decision makers. Secondly, family businesses tend to be built by entrepreneurs and disruptors, making them more open to new ways of doing things,” says Catherine. 

What this means is that the new wave of family-driven philanthropy could fund untested, possibly radical new approaches to problems. It could find innovative ways of harnessing capital for social impact. It could move away from cheque book charity to a more engaged approach which could lean towards social enterprises or private-public initiatives. 

However, while most family offices across the globe are engaged in some form of giving back, only 41% of them have a philanthropic strategy in place, notes the Milken Institute. Few family offices have the in-house expertise to evaluate nonprofits, deploy philanthropic dollars optimally, or monitor and measure impact. 

“At CFS, we believe giving should be thoughtfully planned and driven by evidence-based insights,” says Catherine. As a cause-neutral philanthropy advisor, CFS offers unparalleled access to over 400 charities in Singapore, across a diverse range of sectors. We conduct due diligence to ensure the giving is accountable and creating a social impact.  

For family offices, a cost-effective and flexible way to embark on philanthropy is to set up a donor-advised fund (DAF). Since 2008, CFS has set up close to 200 DAFs: of these, almost half have been for families. We pool donor funds for investment management and with over $90 million in assets at any one time, smaller individual funds can reap the economies of scale that large foundations enjoy. Beyond this, as the country’s largest convener of philanthropic activities, we mobilise donor capital through collaborations and collective models to scale up impact and generate more empowering solutions. 

If you would like to find out more about how CFS can help you achieve your giving goals, please click here.

 

References:

  1. June Lee (January 2019) Exploring Family Philanthropy in Singapore – Asia Centre for Social Entrepreneurship & Philanthropy, National University of Singapore https://wings.issuelab.org/resources/34346/34346.pdf 
  2. EDB Singapore (February 2022) How Singapore is Becoming Asia’s Family Office Hub https://www.edb.gov.sg/en/business-insights/insights/how-singapore-is-becoming-asia-s-family-office-hub.html 
  3. Richard Newell (March 2022) New study sees Singapore as top family office hub – Asian Investor https://www.asianinvestor.net/article/new-study-sees-singapore-as-top-family-office-hub/476226 
  4. Milken Institute (June 2021) Philanthropy in a Family Office https://milkeninstitute.org/article/philanthropy-family-office
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Fresh off the press

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Annual report 2018
In financial year 2018, CFS received a total of $9.7 million in donations. We disbursed $12.4 million worth of grants to 186 charitable organisations supporting various causes. This year’s annual report also showcases CFS’s latest donor advised funds, grantmaking highlights, collaborative giving initiatives and recent events.
Download your copy here.

A Call for Collaborative Giving
This first Colabs publication – a collaboration between CFS and NVPC – sheds light on the challenges disadvantaged young persons face at home, and the impact of the family environment on educational attainment and social mobility. The guide offers suggestions on collaborative action to help givers close the gap for these individuals.
Download your copy here.

Speaking after the association’s annual general meeting at Kallang Netball Centre on Friday, Liang-Lin, a fund manager for a US$7 billion (S$9.5 billion) firm focused on green real estate investments in Asia, hopes to bring her expertise to the table and increase the amount of financial support for Singapore netball during her four-year term.

The 53-year-old took over from Deputy Speaker of Parliament Jessica Tan, who has been the association’s president since 2012. Tan had reached the end of her tenure, which saw the national team make several breakthroughs, including a gold medal at the 2015 SEA Games in Singapore.

Liang-Lin holds various appointments such as being Singapore’s representative to the G20 for Women appointed by the Ministry of Finance. She is also a board member of the Community Foundation of Singapore, which promotes philanthropy through facilitating the establishment of charitable funds.

She said: “One of the things that is overlooked when we look at philanthropy and fundraising is that sport is not really part of the things that people will automatically think about.

“Less than one per cent of the funds that we raise in the Community Foundation goes to sport. The values that sport brings need to be amplified more, so that corporates… see the need to support sport. I think that link needs to be stronger so that we get not just more corporate sponsors, but also they can come in for longer periods of time.”

While national agency Sport Singapore provides funding to netball, corporates can also do their part, she added.

She said: “If we play our cards correctly, we can get corporates to come in and hopefully support them, to see the wider purpose of sport and bring the nation together.”

She also hopes the association can be proactive in looking for financial support, adding: “We must work more strategically with governing bodies on educating corporates on the importance of really supporting sport.”

The former netball player also made references to the recent Women’s World Cup for football, noting the “ability for a game that focuses on women in the sport to bring global attention”.

She said: “I want that kind of trajectory of the limelight going to women’s sport. I think that is a trend that will continue, and I hope that netball will be part of that trend.”

Meanwhile, Tan was satisfied that she has achieved the three objectives she had set out to do when she came on board – to improve quality of play, build a fan base and create an ecosystem which involves coaches and players.

The 57-year-old added: “As much as I do feel sad about having to step down, but at the same time, leadership renewal is very important.

“I think Trina will help to galvanise the team together, and bring a lot of new perspectives and quality to the association.”

Join us in making an impact on Singapore sports scene! Reach out to us for more information.

Source: The Straits Times © SPH Media Limited. Permission required for reproduction

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The competition was organised by City Harvest Community Services Association and received support from FUN! Fund, a Community Impact Fund jointly established by the Community Foundation of Singapore and the Agency for Integrated Care, with the aim of addressing social isolation among the elderly.

Senior Minister of State, Ministry of Communications and Information & Ministry of National Development Mr Tan Kiat How attended the event. He encouraged the elderly to stay physically and mentally well, as well as urging them to participate in community activities and enjoy their golden years together.

Learn more about FUN! Fund at https://www.cf.org.sg/fun-fund/.

 

The programme provides the children with a non-threatening platform to connect with peers and have positive conversations. In addition, it exposes them to different people who can assist to broaden their perspectives.

L.S., a volunteer with the Reading Odyssey programme @ Spooner Road

中心“常胜将军”胡锦盛:比赛限时反应要快

现年92岁的胡锦盛是最年长的参赛者。自2017年退休后,他几乎每天都到活跃乐龄中心报到,从此爱上了玩拉密,每次可玩上三个小时,在中心是“常胜将军”。

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Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book.

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Business Times: Preserving a century-old legacy of giving

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A snapshot of a newspaper Business Times: Preserving a century-old legacy of giving

Following his great-grandmother’s footsteps, Keith Chua set up a charitable fund to carry on his family’s legacy of giving through the generations.

To Keith Chua, the boy, she was the stern matriarch of their large, Peranakan family, to be approached with deference. To the older and bolder teenager, she drew closer – the great-grandmother glad to chat about his day over tea or a shared meal.

But only years after, as an established entrepreneur with a family of his own, did Mr Chua truly feel the impact of her life on his own, thanks to the impact Mrs Lee Choon Guan had had on others.

“It was a rediscovery,” Mr Chua says, about encountering in the pages of a 1920s history book a side to his great-grandmother that he had not known, years after her death in 1978.

Growing up, naturally, he had heard stories from his mother. One of these, about Mrs Lee’s role in raising funds to contribute a fighter plane to the World War 1 effort, made it into a school composition of his on “A Person You Most Admire”.

But it was not till the mid-1980s, after being appointed as a co-trustee to the Mrs Lee Choon Guan Trust Fund his mother started that Mr Chua read for himself the book she had spoken so much about.

Discovering a legacy of giving

“It became quite clear that she was a pioneer in many ways,” Mr Chua, 65, says.

In One Hundred Years’ History of the Chinese in Singapore, he learnt of how, as one of the few Chinese girls to get an English education and a member of high-society, Mrs Lee sought to open doors for other women in the early 1900s.

Also known as Madam Tan Teck Neo, she was the founding president of the Chinese Ladies Association (now the Chinese Women’s Association), running classes for young women and raising funds for charities.

Women and children, healthcare and education – these were causes Mrs Lee cared deeply for. She gave out numerous scholarships to girls, donated to the building of the St Andrew’s Hospital for Women and Children, and funded the activities of the Society for the Protection of Women and Children. For her volunteer work and giving during the First World War, she was the first Chinese woman to be made a Member of the Order of the British Empire in 1918.

Moved by the glimpses of her trailblazing giving recorded in the book, Mr Chua has since acquired an autographed edition that is now a treasured possession for what it symbolises – a legacy of giving to be kept alive.

“To me, the process of discovery, rediscovery, has been a continuing one,” says Mr Chua. The family is still adding to what they know of Mrs Lee’s life and legacy, “all these little pockets of seeds that were planted”. Such as the family giving funds in 1924 to start Katong Girls’ School (today’s Kuo Chuan Presbyterian Primary School) – a fact they only recently stumbled upon.

Among other causes, the trust fund supports tertiary-level programmes on philanthropy at the NUS Business School’s Asia Centre for Social Entrepreneurship and Philanthropy (ACSEP).

Down through the generations
In 2011, he set up the Mrs Lee Choon Guan Fund with the Community Foundation of Singapore (CFS) to carry on his family’s legacy of giving through the generations. Managed as an endowment, the fund’s principal amount is invested and income earned is then given to various causes.

The aim is not merely to build historical knowledge, but to perpetuate the legacy of giving. “I have the opportunity, at this point in time, to put some thought and action into encouraging the continuation of her legacy. So that, hopefully, it will continue with some degree of active participation by future generations,” says Mr Chua.

“In continuing the legacy of my great-grandmother, I looked at how she approached philanthropy in her time and tried to include some of her practices in what I’m doing today. It has indeed come full circle.”

Some of the causes the fund supports today bear the mark of Mrs Lee’s charitable interests – education and healthcare initiatives. Others reflect evolving needs in society that Mr Chua himself is passionate about.

Indeed, Mr Chua is known as much these days for his work in philanthropic circles as he is in business ones.

The executive chairman of ABR Holdings, which owns Swensen’s and Chilli Padi among other food and beverage brands, Mr Chua is also managing director of the Alby group of companies in Singapore and Australia. He hails from a line of businessmen too – his grandfather, the late Chua Cheng Liat, is one of the Chua brothers behind car dealership Cycle & Carriage.

Today, actively involved in various community, church and missions agencies, he sits on the boards of the National Council of Social Service and CFS.

“Part of why I’m doing this today, is in the hope that the wider family, beyond just my siblings and children through to my cousins, my nephews and nieces, and their children, will come to appreciate the legacy that my great-grandmother has left for all of us.”

Apart from his great-grandmother, Mr Chua cites the influence of his parents’ generosity and his Christian faith as two other defining forces behind his philanthropy journey.

“[With my parents], it wasn’t so much them saying, ‘This is how you do it.’ It was watching them in action, responding generously to requests for help, seeing how they lived their lives,” says Mr Chua.

And that was the starting point for him and his wife too: sharing with their four children what they do and why, modelling a life of giving in the hope that their children would themselves see the value of giving.

One reason Mr Chua decided to set up the fund with CFS was to ensure that future generations would be able to continue the family’s philanthropic work. He says, “The objective of CFS flowed nicely with ours of wanting to continue the legacy of giving. It allows family members to be involved and ensure that funds for the community will carry on.”

Taking it a step further, he has been intentional about involving his children, whose ages now range between 22 and 32, in his philanthropic engagements. In recent years, this has included trips across Southeast Asia to learn from and explore partnerships with non-profits, charities and social entrepreneurs.

Having sown those seeds, he has since had the satisfaction of watching each child “doing something in their own way”, whether via professional or personal pursuits, to give to the community.

An evolving philosophy of giving
Mr Chua says his own approach to philanthropy has evolved over the years.

From viewing philanthropy primarily as responding to appeals for monetary gifts, he began getting involved with charities and volunteering his time. That involvement got him thinking about how he could make a difference with his own skills.

“Coming from a business, finance background, I felt I was able to bring that to the area of social entrepreneurship to encourage entrepreneurship, and help to share business models, my personal experiences,” says Mr Chua.

Asked what he has gained from years of intentional giving, Mr Chua is first introspective: “I would like to think that the engagement in all these years of philanthropy has gradually moved me from thinking more of myself, to thinking more of others.”

“Along with that, of course, is that it brings a wonderful feeling if you can bring joy and help someone else,” he adds.

“I believe everyone can give. Whether in terms of resources, time or talent… I would embrace all forms of participation. The most important thing for me is to encourage others to take that first step, whatever that first step is.”

Looking forward, Mr Chua says, “The seed of philanthropy was planted by the generations before me. Now, with the structure of CFS, the funds will carry on past my lifetime. Once you’ve set certain things in place, you can bring the next generation along for the ride, and trust them with the responsibility when it’s their turn.”

After all, Mrs Lee Choon Guan’s first steps into philanthropy led to her leaving a century-old legacy of giving that has spanned four generations and, if Mr Chua has his wish, countless more to come.

Source: Business Times © Singapore Press Holdings Limited. Permission required for reproduction.

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.Lorem ipsum dolor sit amet consectetur adipiscing elit dolor

The competition was organised by City Harvest Community Services Association and received support from FUN! Fund, a Community Impact Fund jointly established by the Community Foundation of Singapore and the Agency for Integrated Care, with the aim of addressing social isolation among the elderly.

Senior Minister of State, Ministry of Communications and Information & Ministry of National Development Mr Tan Kiat How attended the event. He encouraged the elderly to stay physically and mentally well, as well as urging them to participate in community activities and enjoy their golden years together.

Learn more about FUN! Fund at https://www.cf.org.sg/fun-fund/.

 

The programme provides the children with a non-threatening platform to connect with peers and have positive conversations. In addition, it exposes them to different people who can assist to broaden their perspectives.

L.S., a volunteer with the Reading Odyssey programme @ Spooner Road

中心“常胜将军”胡锦盛:比赛限时反应要快

现年92岁的胡锦盛是最年长的参赛者。自2017年退休后,他几乎每天都到活跃乐龄中心报到,从此爱上了玩拉密,每次可玩上三个小时,在中心是“常胜将军”。

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Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book.

News

The Straits Times – Fund marks 20 years of marriage for couple

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Ms Trina Liang-Lin on a couch posing for a photo

About six months before Ms Trina Liang-Lin’s 20th wedding anniversary on June 2016, she mulled over how to make the occasion meaningful.

“My husband and I did not want just another party,” said Ms Liang-Lin, 47, managing director of investment research consulting firm Templebridge Investments.

She is married to Mr Ed Lin, 49, partner and director of the Singapore office of Bain & Company, a global management consultancy.

The couple have no children.

“We wanted to do something meaningful that can last beyond a party,” she added.

Her friend Laurence Lien, chairman of the Community Foundation of Singapore (CFS), suggested she organise regular donations to charity under a common fund, which the foundation could help to run. “We liked the idea. It saves us the work and resources needed to set up a private foundation,” she said.

In early 2016, the Lin Foundation was set up under the umbrella of the CFS with a six-figure sum, she said.

The fund has given money to the Singapore Committee for UN Women, a non-profit organisation that promotes women’s empowerment and gender equality, of which Ms Liang-Lin is the president.

The committee supports the work of UN Women, the United Nations body that promotes gender equality and fights discrimination against women. The fund has also given money to the Singapore Management University, the Singapore Repertory Theatre and the Society for the Prevention of Cruelty to Animals.

These were causes that she picked when the fund was set up.

On more younger, wealthy people like her setting up charity funds, Ms Liang-Lin said: “Increasingly, people are realising that they don’t have to wait till they are older or richer to give back and make an impact.”
Read more.

Photo: The Straits Times

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.Lorem ipsum dolor sit amet consectetur adipiscing elit dolor

The competition was organised by City Harvest Community Services Association and received support from FUN! Fund, a Community Impact Fund jointly established by the Community Foundation of Singapore and the Agency for Integrated Care, with the aim of addressing social isolation among the elderly.

Senior Minister of State, Ministry of Communications and Information & Ministry of National Development Mr Tan Kiat How attended the event. He encouraged the elderly to stay physically and mentally well, as well as urging them to participate in community activities and enjoy their golden years together.

Learn more about FUN! Fund at https://www.cf.org.sg/fun-fund/.

 

The programme provides the children with a non-threatening platform to connect with peers and have positive conversations. In addition, it exposes them to different people who can assist to broaden their perspectives.

L.S., a volunteer with the Reading Odyssey programme @ Spooner Road

中心“常胜将军”胡锦盛:比赛限时反应要快

现年92岁的胡锦盛是最年长的参赛者。自2017年退休后,他几乎每天都到活跃乐龄中心报到,从此爱上了玩拉密,每次可玩上三个小时,在中心是“常胜将军”。

Picture of admin bluecube
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Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book.

News

Money Mind – Leaving A Legacy

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John Doe
Two female individuals can be seen in the picture, both dressed in red shirts and holding a volleyball ball.

How can you leave your mark on the world and make an impact on the lives of others?

LISTEN: Catherine Loh, CEO, Community Foundation of Singapore (CFS); lawyer and CFS ambassador, Nadia Ahmad Samdin

Money Mind, weekdays 10am to 2pm on #CNA938.

Speaking after the association’s annual general meeting at Kallang Netball Centre on Friday, Liang-Lin, a fund manager for a US$7 billion (S$9.5 billion) firm focused on green real estate investments in Asia, hopes to bring her expertise to the table and increase the amount of financial support for Singapore netball during her four-year term.

The 53-year-old took over from Deputy Speaker of Parliament Jessica Tan, who has been the association’s president since 2012. Tan had reached the end of her tenure, which saw the national team make several breakthroughs, including a gold medal at the 2015 SEA Games in Singapore.

Liang-Lin holds various appointments such as being Singapore’s representative to the G20 for Women appointed by the Ministry of Finance. She is also a board member of the Community Foundation of Singapore, which promotes philanthropy through facilitating the establishment of charitable funds.

She said: “One of the things that is overlooked when we look at philanthropy and fundraising is that sport is not really part of the things that people will automatically think about.

“Less than one per cent of the funds that we raise in the Community Foundation goes to sport. The values that sport brings need to be amplified more, so that corporates… see the need to support sport. I think that link needs to be stronger so that we get not just more corporate sponsors, but also they can come in for longer periods of time.”

While national agency Sport Singapore provides funding to netball, corporates can also do their part, she added.

She said: “If we play our cards correctly, we can get corporates to come in and hopefully support them, to see the wider purpose of sport and bring the nation together.”

She also hopes the association can be proactive in looking for financial support, adding: “We must work more strategically with governing bodies on educating corporates on the importance of really supporting sport.”

The former netball player also made references to the recent Women’s World Cup for football, noting the “ability for a game that focuses on women in the sport to bring global attention”.

She said: “I want that kind of trajectory of the limelight going to women’s sport. I think that is a trend that will continue, and I hope that netball will be part of that trend.”

Meanwhile, Tan was satisfied that she has achieved the three objectives she had set out to do when she came on board – to improve quality of play, build a fan base and create an ecosystem which involves coaches and players.

The 57-year-old added: “As much as I do feel sad about having to step down, but at the same time, leadership renewal is very important.

“I think Trina will help to galvanise the team together, and bring a lot of new perspectives and quality to the association.”

Join us in making an impact on Singapore sports scene! Reach out to us for more information.

Source: The Straits Times © SPH Media Limited. Permission required for reproduction

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.Lorem ipsum dolor sit amet consectetur adipiscing elit dolor

The competition was organised by City Harvest Community Services Association and received support from FUN! Fund, a Community Impact Fund jointly established by the Community Foundation of Singapore and the Agency for Integrated Care, with the aim of addressing social isolation among the elderly.

Senior Minister of State, Ministry of Communications and Information & Ministry of National Development Mr Tan Kiat How attended the event. He encouraged the elderly to stay physically and mentally well, as well as urging them to participate in community activities and enjoy their golden years together.

Learn more about FUN! Fund at https://www.cf.org.sg/fun-fund/.

 

The programme provides the children with a non-threatening platform to connect with peers and have positive conversations. In addition, it exposes them to different people who can assist to broaden their perspectives.

L.S., a volunteer with the Reading Odyssey programme @ Spooner Road

中心“常胜将军”胡锦盛:比赛限时反应要快

现年92岁的胡锦盛是最年长的参赛者。自2017年退休后,他几乎每天都到活跃乐龄中心报到,从此爱上了玩拉密,每次可玩上三个小时,在中心是“常胜将军”。

Picture of admin bluecube
admin bluecube

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book.

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